New Zealand and Australia Strengthen PACER Plus Support
New Zealand and Australia have jointly announced an enhanced package of assistance for PACER Plus, recognized as the Pacific region’s most up‑to‑date framework for trade and economic cooperation. The initiative underscores both nations’ commitment to advancing a transparent, rules‑based trading system that fosters regional prosperity.
Focus on Economic Growth and Cooperation
The additional support aims to help Pacific Island countries implement the agreement more effectively, enabling them to benefit from increased trade, investment opportunities, and integration into global markets. By strengthening institutional capacity and providing technical assistance, the initiative is expected to promote sustainable economic development and resilience across the Pacific.
“PACER Plus provides a platform for inclusive and sustainable growth, helping our Pacific partners better connect to regional and international markets,” a New Zealand government spokesperson stated.
Background on PACER Plus
PACER Plus, formally launched in December 2020, is a comprehensive trade and development agreement involving Australia, New Zealand, and several Pacific Island nations. It was designed not only to open markets but also to align development support with long‑term regional goals, such as improving standards, customs procedures, and business environments.
Regional Impact and Future Outlook
Both countries consider this agreement vital for enhancing stability and cooperation across the Pacific. The new funding package will further assist member states in implementing commitments under PACER Plus while fostering sustainable economic recovery and growth following recent global disruptions.
Author’s Summary:
New Zealand and Australia are deepening their commitment to Pacific economic integration by expanding financial and technical support for the PACER Plus trade framework.
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